Existing law authorizes the Director of the Department of Business and Industry to issue bonds and other obligations to finance the acquisition, construction, improvement, restoration or rehabilitation of certain property, buildings and facilities for charter schools, known as the Charter School Financing Law. (NRS 388A.550-388A.695) Section 1 of this bill creates the Charter School Facilities Account in the State General Fund for the acquisition, improvement and maintenance of charter school facilities in this State and requires the Superintendent of Public Instruction to administer the Account.
Section 1 requires the Department of Education, for Fiscal Year 2023-2024 and each fiscal year thereafter, to distribute the money in the Account to each charter school in this State, other than a charter school for distance education as follows: (1) $600 per school year per pupil for pupils qualifying as eligible for free and reduced-price meals pursuant to the National School Lunch Program (42 U.S.C. §§ 1751 et seq.); and (2) $300 per school year per pupil for all other pupils. The amount provided to each charter school is reduced proportionally by the number of days each pupil is expected to not attend the school in person if the pupil is participating in a program of distance education provided by the charter school. Section 1 further provides that the money remaining in the Account does not revert to the State General Fund at the end of each fiscal year and must be carried forward to the next fiscal year.